Bassuk, a real estate capital intermediary, has arranged $103m construction financing from the Bank of China, New York Branch on behalf of an affiliate of The Moinian Group (TMG) for 572 11th Avenue in New York City.
The financing was structured as a letter of credit, which improves taxable variable-rate bonds issued by The New York State Housing Finance Agency (HFA).
572 11th Avenue is situated diagonally across the street from Sky Residences, TMG’s flagship 1,175-unit luxury rental development located just down the block at 605 W. 42nd Street.
Designed by the architecture firm CetraRuddy, the 13-floor building will include 164 units with area of 185,000 sq ft and more than 25,000 sq ft of prime street-level and below-grade retail.
Nearly 25% of the units (46 apartments) will be allocated to low and moderate income households pursuant to the new 421-a Program and the New York City Department of Housing Preservation and Development’s (HPD) Inclusionary Housing Program.
Greystone Bassuk president Drew Fletcher said: “The Moinian Group has been a driving force in the transformation of the Far West Side for over a decade, and this Project is yet another example of how Joe Moinian continues to set the bar for luxury residential living in Manhattan.”
The Moinian Group CEO and founder Joseph Moinian said: “This project is the culmination of our multi-phase development that started with the Altelier condominiums over a decade ago, and we are extremely proud to have participated in the rebirth of the Far West Side as one of New York City’s most vibrant neighbourhoods.”